Displaying items by tag: Open banking APIs

GUEST OPINION: Australia is progressing steadily with an open banking rollout. The Big Four banks – CBA, Westpac, ANZ and National Australia Bank – introduced open banking in July 2021, and other banks and financial services are expected to follow in 2022. According to many fintechs, however, the introduction is going slower than expected, and they are pushing financial markets to open their banking services online by signing additional data holders.

Regional Australia Bank has become the first accredited Data Recipient under the Consumer Data Right (CDR), the Australian Competition and Consumer Commission legislation designed to help bring about an era of Open Banking in Australia.

The total number of open banking users who share data via open banking APIs to aggregate their bank accounts and access new services, is forecast to double by 2021, according to a new global research report.